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Possible Bearish Inside Day Candle Pattern Detected for Cerner Corp (NASDAQ:CERN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cerner Corp (NASDAQ:CERN) based on the price action in the company's shares. Yesterday's price range of $53.41 and $53.98 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cerner Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Cerner Corp have traded between a low of $48.78 and a high of $73.43 and closed yesterday at $54.07, which is 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.2%.

Cerner Corporation is a worldwide supplier of healthcare solutions and services. The Company's solutions are designed to optimize clinical and financial outcomes for healthcare organizations ranging from single-doctor practices, to health systems, to entire countries, for the pharmaceutical and medical device industries, and for the healthcare commerce system.

Potential upside of 19.3% exists for Cerner Corp, based on a current level of $54.07 and analysts' average consensus price target of $64.53. Cerner Corp shares should first meet resistance at the 50-day moving average (MA) of $55.13 and find additional resistance at the 200-day MA of $59.93.

SmarTrend is tracking the current trend status for Cerner Corp and will alert subscribers who have CERN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Cerner Corp

Ticker(s): CERN